Dubai mortgage lender reports profit spike

Dubai mortgage lender Tamweel has reported a four-times increase in profits in the last three months of 2011, hinting at a stabilising property market.

The fourth quarter yielded AED31 million net income for Tamweel, compared to AED8 million a year previous.

Chairman Abdulla Ali Al Hamli said in a statement: “Tamweel is firmly back in business.”

“Tamweel will continue to play a key role in supporting the long-term recovery of the country’s real estate sector.

Source: OPP.org.uk